HUL Breaks Consolidation (Sell Setup)

It is been observed that the price action on hourly chart breaks out from the consolidation and now closes below 838 levels of support, indicating further downside move. It has also retraced back to the breakout levels to confirm previous support as resistance, indicating further selling pressure in the price action.

Hey Neetesh,
I believe HUL can go down to 790 levels and further if closed below 790 but it will take some time.. Not sure if I should hold it over night with market going both ways.. Any suggestions??

@jaypatel3689 it breaks 825 then I would expect 806 levels and if it breaks that too then 790 levels. I believe it may happen but I would suggest you to initiate trades to achieve small targets like in this on of 825, exit once and wait for retracement and then come back again to achieve higher targets. I would suggest holding is not a good idea when it comes to shorting a stock. Regards